Average Annual Total Returns (%) as of
12/31/2017

Past performance is no guarantee of future results. To view public offering price other performance/price information please click here. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Return periods greater than one year reflect annualized performance.

On March 31, 2017, the Fund changed its strategy and will now pursue a multi-factor approach and will no longer have a policy to invest 80% of its net assets plus any borrowings for investment purposes in equity securities issued by large-cap companies.

Investments in value companies can continue to be undervalued for long periods of time and be more volatile than the stock market in general. Investments in growth companies can be more sensitive to the company’s earnings and more volatile than the stock market in general. To the extent that the Fund focuses its investments in the securities of a particular issuer or companies in a particular country, group of countries, region, market, industry, group of industries, sector or asset class, the Fund’s exposure to various risks may be heightened. Investments in mid-capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies. Investments in small-capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies.

Percentile Ranking

Rank in Universe

Fees & Expenses as of
9/28/2017

Annual Fund Operating Expenses

Advisory Fees

12b-1

ShareholderServicingFee

OtherExpenses

Total Operating Expenses

Gross

Net

Gross

Net

0.55%

-0.73%

--

--

1.38%

1.93%

0.65%

The Net Advisory Fee is negative due to reimbursement(s).

Net operating expenses reflect contractual waivers and expense reimbursements that continue through the end of September 2018, at which time the Adviser will determine whether to renew, revise or discontinue them. For more information on fee waivers or expense reimbursements please see the expense table in the prospectus. Expenses listed above reflect those of the most recent prospectus.

Morningstar Star Ratings:The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings are for the share class shown; other classes may vary.

Lipper Ratings: Ratings for Total Return reflect fund’s historical total return performance relative to peers. Lipper Leader ratings do not take into account the effects of sales charges. The Lipper ratings are subject to change every month and are based on an equal-rated average of the percentile ranks for the Total Return metrics over three-, five- and ten-year periods, if applicable. The highest of 20% of funds in each peer group are named Lipper Leaders or a 5, the next 20% receive a rating of 4, the middle 20% a rating of 3, the next 20% a 2 rating and the lowest 20% a rating of 1.

On March 31, 2017, PNC Large Cap Core Fund became PNC Multi-Factor All Cap Fund. The Fund's strategy and risks changed as the Fund will now pursue a multi-factor approach and will no longer have a policy to invest 80% of its net assets plus any borrowings for investment purposes in equity securities issued by large-cap companies. Please see the prospectus for additional information.

I would like to...

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Select a Fund to view the most recent month-end performance information or go to each Fund's snapshot page to view most recent month-end performance as well as any waiver or expense reimbursement information.

The information contained in this piece should not be considered legal or tax advice; questions regarding your specific situation should be directed to your legal or tax advisor.

NOT FDIC INSURED | NO BANK OR FEDERAL GOVERNMENT GUARANTEE | MAY LOSE VALUE

You should consider the investment objectives, risks, charges, and expenses of the PNC Funds carefully before investing. A prospectus or summary prospectus with this and other information may be obtained at 800-622-FUND (3863) or pncfunds.com. Please read it carefully before investing.

PNC Capital Advisors, LLC, a subsidiary of The PNC Financial Services Group Inc., serves as investment adviser and co-administrator to PNC Funds and receives fees for its services. PNC Funds are distributed by PNC Funds Distributor, LLC, which is not affiliated with the adviser and is not a bank.

This site shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of shares of the PNC Funds in any jurisdiction in which such offer, solicitation or sale would be unlawful.